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Net profits at the Switzerland’s central bank plunged to 1.2 billion Swiss francs ($1.2 billion) from 21.3 billion francs a year earlier as foreign exchange-related losses of 11.8 billion francs almost wiped out earnings from bonds and shares it holds.

SNB foreign currency investments have ballooned to 724 billion francs – 11 percent larger than the entire Swiss economy at the end of June. ($1 = 0.9681 Swiss francs) (Reporting by John Revill; Editing by Adrian Croft) ((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters Messaging: john.revill.thomsonreuters.com@reuters.net)) Keywords: SNB RESULTS/ (UPDATE 2) Credit Suisse expects the euro-franc to trade between 1.09 and 1.15 for the remainder for the year, while the dollar will be broadly neutral against the Swiss currency. The bank has consistently described the Swiss currency as “significantly overvalued”.

The bank has consistently described the Swiss currency as “significantly overvalued”

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Nissan last week posted an almost 13 percent slide in operating profit, dragged by rising incentives to sell its cars in the United States. Honda’s operating profit from North America fell 40.6 percent in the first quarter largely due to higher incentives to clear inventory of older Accords. For the year to March, Honda now expects an operating profit of 725 billion yen ($6.57 billion), versus 705 billion yen forecast earlier, based on the U.S. dollar averaging around 107 yen <JPY=> instead of 105 yen as expected previously. The automaker’s operating profit in the quarter edged up 0.9 percent to 269.2 billion yen, versus an estimate for a drop to 230.43 billion from seven analysts polled by Thomson Reuters. ($1 = 110.3300 yen) (Reporting by Naomi Tajitsu; Editing by Himani Sarkar) ((naomi.tajitsu@thomsonreuters.com; +81364411078; Reuters Messaging: naomi.tajitsu.thomsonreuters.com@reuters.net)) Keywords: HONDA RESULTS/ (UPDATE 2, PIX)

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UPDATE 2-Swiss central bank’s H1 profit hit by forex loss

Net profits at the Swiss central bank plunged to 1.2 billion Swiss francs ($1.2 billion) from 21.3 billion francs a year earlier as foreign exchange-related losses of 11.8 billion francs almost wiped out earnings from bonds and shares it holds. SNB foreign currency investments have ballooned to 724 billion francs – 11 percent larger than the entire Swiss economy at the end of June. ($1 = 0.9681 Swiss francs) (Reporting by John Revill; Editing by Adrian Croft) In contrast, the bank gains around 3 billion francs for every 1 percent depreciation versus the euro. The bank’s second-half profit could improve as the franc continues to weaken in the rest of the year, said Bee.